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Albany Capital
- BY: Andrew Hore |
- POSTED: 23/07/2008 |
- COMMENTS: Add yours
Albany Capital has invested £2m in a Chinese food preservatives business.
Honour Field International owns a business based in Linyi City, Shandong which manufactures Potassium Sorbate and Sorbic Acid. It is the third largest producer in China. In 2007, profits of £2.8m were made on revenues of £12.6m.
The £2m is being invested in convertible loan notes. Honour Field plans to gain a stock market quotation. That would trigger the conversion of the loan notes. The conversion price will be 60% of the flotation share price or the bid price per share if the company is taken over.
Albany’s net asset value was 55.9p a share at the end of March 2008. The group had cash of £8.96m but that also includes the cash of shell company, Ninety, in which Albany has a 72% stake.
Albany shares fell 0.5p to 27p, which values the company at £8.52m. The shares are trading at less than half their NAV.
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